Joe Nocera, Columnist

Elaine Wynn, Shareholder Activist

This proxy fight wasn’t about a stock pop. It was to save Wynn Resorts.

May 18, 2018 at 4:50 PM UTC

Joe Nocera is a former Bloomberg Opinion columnist. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. He is the host and writer of the Bloomberg-Wondery podcast "The Shrink Next Door."

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Photographer: Bryan Bedder/Getty Images for Town & Country

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Did you read about the big shareholder activist win this week? Let me fill you in.

A few months ago, not long after the company’s chief executive resigned in disgrace, and its share price was in danger of collapsing, the activist gained control of 9 percent of the stock, worth about $2 billion. This made her the company’s largest shareholder. With the company’s board packed with the ex-CEO’s cronies, she decided to mount a proxy fight, aimed at ousting one director, a 66-year-old real estate executive.